Overview:
Performing an audit of a legal practitioner trust account can be quite challenging because of the highly regulated environment, tight deadlines, and low budgets. While audit efficiency is key, auditors still need to apply the basic auditing principles when performing these engagements and documenting work. Understanding the relevant laws and regulations and required procedures is the starting point but developing and implementing an efficient yet fully compliant methodology is equally important to ensuring the quality of each engagement file.
This course will give participants a practical understanding of key requirements relating to legal practitioner trust accounts, how to approach these assurance engagements efficiently, and appropriate documentation in audit working papers.
Content and outline:
To explain the following concepts and demonstrate practical application thereof:
• Laws and regulations applicable to audit of legal practitioner trust accounts
• Practical approach to auditing legal practitioner trust accounts
• Common working paper deficiencies
Certification:
Upon completion of the quest, learners will receive a verifiable Silver LEAF Certificate.
Elevating the standards of all auditors and those seeking to become auditors by upholding the principles of legislation, regulation, and quality audit management and performance.
Quest Curriculum
- 5 Levels
- Coaching By LEAF
- Community Support
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Level 01 Introduction
Welcome & Introduction
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Level 02 Legislation and guidance
IRBA Guide, SAICA resources, LPC Notices, LPFF Interest, LPFF Unclaimed & Unknown, and LPFF Refund Form & AUP are the missions in this level.
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Level 03 Practical Approach to the Engagement
Template is the mission in this level.
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Level 04 Common Issues
Common Findings is the mission in this level.
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Level 05 Final Quiz
Pass the final quiz with a minimum of 80% to complete the Legal Practitioners’ Trust Account Audits Quest and receive a LEAF Silver Certificate.